Political Ties and Listed SMEs Financing Behaviors
This study uses 725 Chinese listed companies from 2005 to 2010 as samples,and pursues an empirical study on the effects of the firms political ties with the availability of financing. The findings from this study indicate that the direct political ties of Chinese firms have a positive effect on the availability of financing under certain conditions. And the firms direct political ties have stronger positive effect on the firms bank loans than indirect political ties. As judging from the whole samples,the firms indirect political ties have a negative effect on the bank loans. An explanation may be the Chamber of Commerce and the Industry Associations as an alternative organization for the firms to finance,provide financial service for the firms. Further consideration of the environmental factors,this study also indicates that the direct political ties lead to higher availability of financing,when the degree of the government intervention is lower and the level of financial development is higher.
Political ties Financial development Government intervention Financing availability
WANG Xiao LAI Liru
School of Management, Jinan University, China, 510632
国际会议
The Sixth International Symposium on Corporate Governance(第六届公司治理国际研讨会)
大连
英文
284-294
2011-08-20（万方平台首次上网日期，不代表论文的发表时间）